Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs of Libertyville School district No. 70. The District's reporting entity is defined in Note 1 to the District's financial statements. Federal awards passed through other government agencies are included on the schedule.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified cash basis of accounting, which is described in Note 1 to the District's financial statements.
Federal awards received are reflected in the District's financial statements within the Educational fund as receipts from federal sources.
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs, which have filed final reports as of June 30, 2025, with the Illinois State Board of Education.
The fair market value of federal awards expended in the form of non-cash assistance was $-0- for the year ended June 30, 2025. The fair market value of federal awards expended in the form of donated, federally funded personal protective equipment (PPE) received was $-0- during the year ended June 30, 2025.
The amount of Federal insurance in effect during the year ended June 30, 2025 as $-0-. The amount of federal loans or loan guarantees, including interest subsidies, outstanding at June 30, 2025 was $-0-.
No amounts were provided ot subrecipients during the year ended June 30, 2025.
The School District did not elect to use a 15% de minimis cost rate.